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The National Kitchen and Bath Association NKBA recently released a new study showing that in 2021, the U.S. high-end kitchen, bath market will grow by 28% over 2020, exceeding the previous forecast of 19.8%.
In NKBA’s latest market forecast, it revised its forecast for U.S. kitchen and bath industry sales in 2021. Consumer spending on kitchens and baths is projected to be $170.9 billion in 2021, up 21.4 percent from $140.8 billion in 2020. That’s nearly 8 percent higher than the association’s initial estimate for 2021.
According to NKBA, new kitchen and bath spending in the U.S. is expected to increase 28.5 percent in 2021 compared to 2020, while kitchen and bath remodeling spending is expected to increase 12.5 percent. In 2021, total kitchen spending (new construction and remodeling) is expected to reach $81 billion. Bathroom spending is estimated to reach $89 billion, more than 20% higher than last year and significantly higher than the NKBA’s initial forecast.
The Kitchen and Bath Market Index (KBMI) is a quarterly measure of current and future economic conditions in the kitchen and bath industry. According to the Kitchen and Bath Market Index KBMI released by NKBA, the U.S. Kitchen and Bath Market Index continued to rise from 61.9 in the third quarter of 2020 to 82.3 in the second quarter of 2021, already up from 69.8 in the fourth quarter of 2019.
NKBA’s analysis noted that the previous caution of homeowners to reduce spending on dining, entertainment, travel and leisure due to the epidemic lockdown, coupled with the government’s $5 trillion stimulus package to consumers, has brought about an increase in savings. This, coupled with record low-interest rates made it easier to get housing-related loans. During the epidemic, people lived at home and kitchens and bathrooms became the center of the home, making more homeowners aware of the urgent need for bathroom and kitchen remodeling. According to the NKBA survey, 30 percent of homeowners plan to increase spending on home remodeling, while only 20 percent or less plan to increase spending on dining out, entertainment, travel or health.
For those planning home improvements in 2021, kitchens and master bathrooms ranked first and second, respectively, among the dozen home areas offered. 55 percent of respondents said they plan to remodel their kitchens, while 40 percent said they primarily remodel their bathrooms. Remodeling the exterior of the house, deck/deck, and master bedroom were 37%, 29%, and 29%, respectively. According to the NKBA, the average price of home improvement projects is 25 percent higher than last year.